Weston-based InSite Group and London-based Cube Capital have partnered to purchase Continental Oceanfront Hotel in South Beach for a reported $61 million. The deal was proposed shortly following a refinance by way of the previous owner to save the property from foreclosure.
In a press release, the new owners said they plan to renovate the dated interior and reposition the 251-room room the hotel offers. The yet-to-be-named hotel is set to launch at the end of 2012.
“This location is arguably one of the most sought-after in the United States,” InSite Group President and CEO Ben Shmul said in the release. “We are excited about the opportunity to acquire an underutilized hotel with significant potential for repositioning, and look forward to turning around and enhancing the property’s long-term value.”
[Source: South Florida Business Journal]